Funding you earn now, next payment 00:00 UTC−0.0096%/8h= −10.5% APRnext payment −$0.12 per $10,000 · paid last 24h −0.074%
Price spread now: Deribit against Lighter−0.046%7-day average −0.034% · you buy dearer than you sell
Net, funding: paid 7d − costs−$89as in the Funding arb table
Net, price: spread back to 7d avg − costs−$64as in the Price arb table
costs, in and out, $10k−$620.624% of the position
Funding, last 7 days−0.263%−$26 on $10k
+Price spread, last 3 days (all we have)+0.101%+$10 · spread now −0.046%, 7d avg −0.034%
=Together, before fees−0.162%+ Points / potential airdropLighter: Season 3 · farm board−$16 on $10k · with fees, hour by hour
The price spread sits at its 7-day average of −0.034%, so right now this pair is about funding alone: −$3 a day on $10k at the current rate.
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Lighter OP | 0.1291 | 0.0096 | pay 0.0012% / 1h | 55m 33s | $291K | $918K | 15x |
| Short | Deribit OP_USDC-PERPETUAL | 0.1290 | 0 | get 0.0000% / 1h | 55m 33s | $43K | $171K | 25x |
Lighter OP
Deribit OP_USDC-PERPETUALFunding history
latest
Range statsloading…
Price spread between the two exchanges
Deribit against Lighter. Falling: the short leg gains. Rising: it loses.latest
Price spreadloading…
Funding on every exchange
click an exchange to add or hide itlatest
How often the price spread is this wide · share of time at each level, last 7D show
Profit calculator
- Funding earned
- −$20.16
- Price spread: −0.046% → −0.034%
- −$1.25
- Slippage, 4 orders
- −$55.43
- Fee Lighter: 0 bp × 2 orders
- $0
- Fee Deribit: 3.5 bp × 2 orders
- −$7
- Net
- −$83.84
- Costs to cover
- 0.624%
- Break-even
- never at this rate
Slippage from Lighter: live order book, 20 min ago; Deribit: live order book, 23 min ago.
Cost to enter
taker fee + slippage from the mid, one side; closing costs about the same again| Leg | Half-spread | $10k | $100k | $1M | $5M |
|---|---|---|---|---|---|
| Buy Lighter live order book, 20 min ago | 3.90 bp | 13.7 bp −$14 | 39.5 bp −$395 | doesn't fit | doesn't fit |
| Sell Deribit live order book, 23 min ago | 11.71 bp | 15.2 bp −$15 | doesn't fit | doesn't fit | doesn't fit |
OP on 30 venues
lowest funding first. Swap a leg: a good short leg pays more funding and is priced higher.| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Injective OP/USDC PERP | −0.1633% | 1h | 0.1281 | −0.744% | $35K | $58K | 12x | as long as short |
| GMX OP/USD [OP-USDC] | L −0.1065% / S +0.0229% | 1h | 0.1290 | −0.043% | $13K | — | 100x | as long as short |
| Coinbase International OP-PERP-INTX | −0.0344% | 1h | 0.1280 | −0.821% | $21K | $64K | 50x | as long as short |
| dYdX OP-USD | 0.0000% | 1h | 0.1290 | −0.068% | $40K | $519 | 10x | as long as short |
| Deribit OP_USDC-PERPETUALshort | 0.0000% | 1h | 0.1290 | −0.046% | $43K | $171K | 25x | |
| gTrade (Gains Network) OP/USD | L +0.0004% / S −0.0004% | 1h | 0.1290 | −0.048% | — | — | 150x | as long as short |
| Orderly PERP_OP_USDC | +0.0063% | 8h | 0.1289 | −0.124% | $6K | $50K | 10x | as long as short |
| Variational Omni OP | +0.0076% | 8h | 0.1284 | −0.482% | $236K | $54K | — | as long as short |
| Lighter OPlong | +0.0096% | 1h | 0.1291 | long leg | $291K | $918K | 15x | |
| Hyperliquid OP | +0.0100% | 1h | 0.1291 | +0.070% | $4.2M | $2.9M | 5x | as long as short |
Injective OP/USDC PERP
GMX OP/USD [OP-USDC]
Coinbase International OP-PERP-INTX
dYdX OP-USD
gTrade (Gains Network) OP/USD
Orderly PERP_OP_USDC
Variational Omni OP
Hyperliquid OPShow all 30 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Aster OPUSDT | +0.0100% | 8h | 0.1290 | −0.054% | $215K | $241K | 10x | as long as short |
| Binance OPUSDT | +0.0100% | 8h | 0.1290 | −0.036% | $20.9M | $61.7M | 75x | as long as short |
| Bybit OPUSDT | +0.0100% | 8h | 0.1289 | −0.093% | $19.0M | $25.5M | 75x | as long as short |
| OKX OP-USDT-SWAP | +0.0100% | 8h | 0.1290 | −0.046% | $6.1M | $30.6M | 50x | as long as short |
| Gate OP_USDT | +0.0100% | 8h | 0.1291 | +0.015% | $2.0M | $1.5M | 50x | as long as short |
| MEXC OP_USDT | +0.0100% | 8h | 0.1290 | −0.039% | $20.6M | $7.1M | 300x | as long as short |
| KuCoin OPUSDTM | +0.0100% | 8h | 0.1289 | −0.124% | $2.9M | $7.4M | 75x | as long as short |
| Bitget OPUSDT | +0.0100% | 8h | 0.1290 | −0.046% | $6.1M | $6.3M | 75x | as long as short |
| BingX OP-USDC | +0.0100% | 8h | 0.1290 | −0.046% | — | $1.6M | — | as long as short |
| Backpack OP_USDC_PERP | +0.0100% | 1h | 0.1289 | −0.116% | $126K | $189K | 10x | as long as short |
| edgeX OPUSDC | +0.0100% | 4h | 0.1287 | −0.263% | $11K | $382K | 10x | as long as short |
| GRVT OP_USDT_Perp | +0.0100% | 8h | 0.1288 | −0.186% | $322K | $5.0M | 10x | as long as short |
| ApeX Omni OPUSDT | +0.0100% | 1h | 0.1288 | −0.201% | $46K | $722K | 50x | as long as short |
| SoDEX OP-USD | +0.0100% | 1h | 0.1289 | −0.101% | $184 | $6K | 5x | as long as short |
| HTX OP-USDT | +0.0100% | 8h | 0.1290 | −0.077% | $178K | $232K | 50x | as long as short |
| Extended OP-USD | +0.0104% | 1h | 0.1290 | −0.063% | $103K | $186K | 25x | as long as short |
| Aevo OP-PERP | +0.0104% | 1h | 0.1290 | −0.085% | $4K | — | 3x | as long as short |
| BloFin OP-USDT | +0.0220% | 8h | 0.1288 | −0.186% | $1.0M | $291K | 75x | as long as short |
| Kraken Futures PF_OPUSD | +0.0354% | 1h | 0.1291 | +0.034% | $807K | $745K | 20x | as long as short |
| Reya OPRUSDPERP | +0.0437% | 1h | 0.1290 | −0.045% | $717 | — | 20x | as long as short |
Aster OPUSDT
Binance OPUSDT
Bybit OPUSDT
OKX OP-USDT-SWAP
Gate OP_USDT
MEXC OP_USDT
KuCoin OPUSDTM
Bitget OPUSDT
BingX OP-USDC
Backpack OP_USDC_PERP
edgeX OPUSDC
GRVT OP_USDT_Perp
ApeX Omni OPUSDT
SoDEX OP-USD
HTX OP-USDT
Extended OP-USD
Aevo OP-PERP
BloFin OP-USDT
Kraken Futures PF_OPUSD
Reya OPRUSDPERP